Any additions in demand made by a tax officer under the faceless assessment process for over Rs 5 lakh of income will undergo a rigorous review process before a final demand order is passed.
Train your mind to lead you to the secrets and keep the channel of communication open with it, so you become aware and act on it, says mind coach and mental health expert Anu Krishna.
Deloitte India would not provide non-audit services to all listed companies and other entities where public money is involved such as banks and insurance companies, if they are its audit clients.
Apart from its enforceability through courts due to it being part of the I-T Act, two other factors will help ensure the taxpayers' charter is implemented, at least in letter (if not in spirit) this time around, points out Harsh Roongta.
The due date for filing Income Tax returns for 2019-20 has already been extended till November 30, 2020.
Dr Nishant Joshi and his pregnant wife, Dr Meenal Viz, had initiated the legal action in April with a pre-action letter seeking answers from the UK's Department of Health and Social Care and Public Health England. They decided to push ahead with the case in the high court in London on Wednesday because they feel they are "no longer willing to wait".
Knight Frank LLP, an international property consultancy, recently conducted a study on how many years worth of earning would it take for an average citizen to buy a 100-square-metre luxury or a high-end apartment in the world's most important cities. These numbers are according to an analysis of real estate and wages.
While the Union Cabinet had in November last year approved the sale of the government's entire 52.98 per cent stake in BPCL, offers seeking expression of interest (EoI), or bids showing interest in buying its stake, were invited only on March 7. The EoI submission deadline was May 2, but on March 31 it was extended up to June 13. On Wednesday, the government said this deadline is further being extended up to July 31.
E-commerce giants such as Amazon, Netflix and Flipkart, whose headquarters are not in India, potentially have to pay the additional levy of 2 per cent from April 1.
The government is keen to close the sale before March 31, 2021, to help meet a record Rs 2.1 lakh crore target which Finance Minister Nirmala Sitharaman has set from divestment proceeds in the Budget for 2020-21.
Individuals and entities, whose accounts are not required to be audited, were mandated to file I-T returns by July 31.
The titular eighth Nizam of Hyderabad, Prince Mukarram Jah, says he wants a 'clean break' from a decades-old legal fight over funds lying in a United Kingdom bank account belonging to his ancestors, as he waived his right to a share in the estimated 4,00,000 pounds leftover after an English high court order from last year.
In the US, VW faced penalties of up to $18 billion.
US President Barack Obama has nominated Indian-American lawyer and telecom policy expert Ajit Varadaraj Pai, who belongs to Republican party, as Commissioner of the Federal Communications Commission (FCC), the country's premier regulatory body.
DDT is levied on dividends that a company pays its shareholders out of its profits. It is currently charged at the rate of 20.55 per cent, including a surcharge and education cess. Government may instead tax the shareholders receiving dividends, in a bid to help improve investor sentiment by addressing the multiplicity of taxes and bring down the effective tax rates for companies.
Some international markets offer interest rates as low as one per cent, which could reduce the government's interest cost significantly.
United States President Barack Obama has nominated Indian-American Ajit Varadaraj Pai as commissioner, federal communications commission, the White House said.
According to industry insiders, India has 400 million smartphones and is the world's fastest-growing app market. So the addition or deletion of apps impacts the global valuations of these platforms. "Based on calls given by various local organisations to delete Chinese Apps, there will be an impact," said Blaise Fernandes, director at foreign policy think tank Gateway House. "All of them eventually will go the IPO (initial public offering) route so there would be economic impact also."
The US district court of Northern California on Monday allowed two former employees of I-T giant Tata Consultancy Services Ltd to proceed with a class action lawsuit against their former company over wage dispute and breach of contract.
On the volume side, the number of M&A and PE deals was 110 in July, 15 per cent lower from 130 in July 2018.
The UK on Tuesday appointed veteran career diplomat Sir Dominic Asquith as its new High Commissioner to India.
Franklin Templeton Mutual Fund, which has closed six debt schemes, has said the winding-up process will be delayed in the absence of authorisation from investors and further steps will be possible only after seeking fresh approval from them. It further said that investors who do not have an e-mail ID or mobile number registered with the fund house will not be able to participate in the voting process. The date on which the voting would start has not been disclosed yet.
Mallya now has 14 days from February 4 to apply for leave to appeal to the UK high court.
Rahul 'Richard' Verma has become the second high-ranking Indian-American official in the Obama administration to resign and return to the private sector.
The ministry said it was an anti-abuse provision amid growing instances of NRIs shifting their stay in low or no-tax jurisdiction to avoid tax payment in India.
The Vivaad se Vishwas scheme is a replica of the Sabka Vishwas (Legacy Dispute Regulation) Scheme, 2019 (SVLDRS) for indirect tax litigation. The hope is that this would unlock revenue blocked in long-drawn litigation at various forums. Sources in the department say the total value at stake in these disputes would be Rs 5-6 trillion.
Kaushik Khona's second innings at GoAir will be more challenging than the first. Globally, the aviation industry is in deep distress because of the pandemic, reports Aneesh Phadnis.
The government on Saturday made its prior approval mandatory for foreign investments from countries that share land border with India to curb 'opportunistic takeovers' of domestic firms following the COVID-19 pandemic, a move which will restrict Foreign Direct Investment from China.
For development finance institution to succeed now, the government must stand like a rock behind it and be patient.
Venture capital investments grew at a rapid pace across the US in the April-June quarter of 2011, surging by 19 per cent to $7.5 billion, says a new report.
DHFL has been generating funds through various means and has exited from its subsidiary units to tide over the current financial crunch.
This is the second investment by General Atlantic in a subsidiary of Reliance Industries, following a Rs 6,598.38 crore investment in Jio Platforms announced earlier this year.
The US Trade Representative's (USTR) office will also conduct the Section 301 probe against nine others, including Austria, Brazil, Indonesia, Italy, Spain, Turkey, the Czech Republic, the UK, and the EU, for levying or considering digital services taxes "discriminating against US companies".
"The Corporation has decided to offer a voluntary retirement scheme, with a view to enable employees who are not in a position to continue in service of the Corporation due to various personal reasons, to request for grant of voluntary retirement from the services of the Corporation," Bharat Petroleum Corp Ltd (BPCL) said in an internal notice to its employees.
Realty major DLF's promoter Pia Singh on Tuesday picked up more than 1 crore shares of the company for Rs 194 crore from another promoter entity.
It is only a matter of time before India and China sign a bilateral trade pact, as there is too much at stake for the Asian giants to ignore each other, according to a Singapore-based advocate and solicitor.
The venture capital industry is optimistic about renewed investments this year, with focus shifting primarily to the green technology sector, a survey by global consultancy KPMG LLP said.
Also, a dedicated cell, headed by a member of the Central Board for Direct Taxes (CBDT), will be set up to address concerns faced by start-ups.
Ponda is currently director of the firm's tax department, which is among the six finalist law firms nationwide for Chambers USA Awards for Excellence 2010 in Taxation Law.
A key Congressional committee has confirmed the nomination of an Indian American counsel to the key post of US District Court judge for Washington, DC.
